DataRobot Announces $206M Series E Funding Round
BOSTON, September 17, 2019 — DataRobot, the leader in enterprise AI, today announced a $206 million Series E investment round led by Sapphire Ventures. This latest round brings the company’s total funding to $431 million. Tiger Global Management, World Innovation Lab, Alliance Bernstein PCI, and EDBI joined the round as new investors. Existing investors DFJ Growth, Geodesic Capital, Intel Capital, and Sands Capital significantly increased their ownership, and NEA and Meritech also participated in the round.
PwC estimates AI could contribute up to $15.7 trillion to the global economy by 2030, yet AI can only deliver on this promise if it can be used by a broad set of users. DataRobot is committed to empowering every organization to turn data into value with AI, and the company has assembled a team of the world’s smartest data scientists, engineers, business leaders, and thinkers to do so. By making AI more efficient and accessible through automation, businesses can more easily adopt AI, capturing market share at lower costs with better performance than traditional methods.
Today, many of the world’s largest brands, including Walmart Canada, Deloitte, Kroger, Humana, and Hearst Magazines, are using DataRobot to increase revenue and earnings, decrease costs, improve customer satisfaction, and make their technical teams more productive. The value of DataRobot’s platform to customers has contributed to the company’s explosive growth and momentum, marked by:
- Adoption from a third of the Fortune 50 companies
- Triple-digit annual recurring revenue growth every year since going to market in 2015
- The creation of one billion models built on its platform, with customers building 2.5 million models each day
- Recognition as a Leader in The Forrester New Wave™: Automation-Focused Machine Learning Solutions, Q2 2019, a Visionary in Gartner’s 2019 Magic Quadrant for Data Science and Machine Learning Platforms, and one of the 100 most promising AI companies in the world by CB Insights
The Series E financing will be used to build on this momentum, specifically supporting the continued development of the DataRobot platform — which includes Automated Machine Learning, Automated Time Series, and MLOps — as well as potential acquisition opportunities. DataRobot’s platform has been developed over the course of more than a million hours of engineering innovation, and its capabilities have been accelerated via several strategic acquisitions. Most recently, DataRobot acquired ParallelM to create its industry-leading MLOps and governance offering. The company’s holistic approach to AI success has been fine-tuned through working with thousands of AI projects across more than 35 countries.
“AI is fundamentally changing the way the world works, and DataRobot is delivering on its promise to make all enterprises AI-enabled to drive innovation and value,” said Jai Das, President & Managing Director, Sapphire Ventures. “We’re pleased to expand our stake in DataRobot as they rapidly scale and expand the capabilities of their platform through R&D and strategic acquisitions. We look forward to continuing to help build one of the world’s fastest growing AI companies.”
“We are humbled by the confidence our investors have in our unprecedented vision and ability to execute,” said Jeremy Achin, CEO and Co-Founder of DataRobot. “We’re proud of our entire organization for their work in building a game-changing product and bringing transformational success to our customers.”
In addition to its latest round of financing, DataRobot also announced DataRobot MLOps, a new solution for deploying, monitoring, and managing machine learning models across the enterprise.
DataRobot is the leader in enterprise AI and the category creator and leader in automated machine learning. Organizations worldwide use DataRobot to empower the teams they already have in place to rapidly build and deploy machine learning models and create advanced AI applications. With a library of hundreds of the most powerful open source machine learning algorithms, the DataRobot platform encapsulates every best practice and safeguard to accelerate and scale data science capabilities while maximizing transparency, accuracy, and collaboration.